PNC, OnDeck Partner to Launch Digital Business Lending Platform

PNC Bank plans to begin offering fully digital business lines of credit, up to $100,000, in 2019 in an expansion of its online lending to customers and prospects in the U.S. PNC is partnering with fintech lender OnDeck to develop the new platform.

OnDeck Creates ODX to Help Small Banks Digitize Services

OnDeck launched ODX, a new company that will focus on helping banks digitize their small business lending process. ODX will operate as a wholly-owned subsidiary of OnDeck with Brian Geary serving as president.

OnDeck Small Business Lending Tops $10B

Fintech business lender OnDeck achieved a milestone in the industry, becoming the first non-bank online lender to surpass $10 billion in total loans originated to small businesses.

OnDeck Adds New $175MM ABL Revolver from Liberty Mutual, Ares

OnDeck closed a $175 million asset-based revolving credit facility consisting of funds provided by Liberty Mutual Insurance and its affiliates and funds managed by affiliates of Ares Management.

OnDeck Q2 Originations Up 26% Y/Y, Assets Exceed $1B

OnDeck reported Q2/18 originations of $587 million, an increase of 26% from a year ago, with growth in both term loans and lines of credit. Total assets increased from $996 million at year end in 2017 to $1,072 million as of June 30, 2018.

Crédit Suisse, Crédit Agricole Provide $93MM ABL Facilities to OnDeck

Online lender OnDeck closed an AUD$75 million ($55.179 million) asset-backed revolving credit facility with Crédit Suisse and a C$50 million ($37.753 million) asset-backed revolver with Crédit Agricole.

OnDeck Taps CIT Vet Klimas To Lead Investor Relations

OnDeck appointed Stephen Klimas as the company’s Head of Investor Relations. A 20-year veteran of CIT Group, Klimas will report to OnDeck Chief Financial Officer Ken Brause.

OnDeck Reports Lower Q1 Loss

OnDeck reported a Q1/18 net loss of $1.9 million, which was down from a net loss of $11.1 million in Q1/17 as provision charges were $9.9 million lower compared to a year earlier.

OnDeck Names CIT Veteran Brause CFO

OnDeck appointed Kenneth A. Brause CFO. Brause previously worked for CIT as treasurer. Prior to that, he led the North America Banking group, including oversight of the Equipment Finance division.

OnDeck Swings to Q4 Profit on Lower Provision Charges

OnDeck reported Q4/17 net income of $5.1 million compared to a net loss of $35.9 million for the same quarter in 2016. Q4/17 provision charges of $34.4 million compared to $55.7 million for the same quarter a year earlier.